LIC Housing Finance Q1 net profit surges 503 per cent to Rs 925 crore
Aug 04, 2022
Mumbai (Maharashtra) [India], August 4 : LIC Housing Finance Limited on Thursday said its net profit for the first quarter of the current financial year surged by 503 per cent year-on-year to Rs 925.48 crore.
The company's net interest income for the quarter ended June 30, 2022, surged to Rs 1,610.19 crore, recording year-on-year growth of 26 per cent.
The Board of Directors of LIC Housing Finance Ltd approved the company's unaudited results for the first quarter ended on June 30, 2022.
Commenting on the quarterly numbers, Y Viswanatha Gowd, Managing Director & Chief Executive Officer of LIC Housing Finance Limited said,
"With the easing of pandemic and better economic activity, there was an overall improvement in our segment. The hybrid work model has been widely accepted across the country, resulting in higher demand for better, larger residential units."
"This market trend assisted us with higher disbursements and improved financial performance during the current quarter. Our ongoing digital transformation initiatives continue to add value and bring in higher efficiency. In the current quarter, around 20 per cent of disbursements were initiated through our HomY App. This has helped our company to have better penetration among younger home loan borrowers," Gowd said.
